After breaking out of a descending pattern, Shiba Inu's price is struggling to close above its 20-day EMA.

Remittix's RTX has seen its presale raise over $15.2 million. RTX is an emerging PayFi token whose rally will mimic SHIB's early bull run.

After a breakout from a descending pattern, Shiba Inu’s price is struggling to close above its 21-day EMA.

What happened: After breaking out of a descending pattern, Shiba Inu’s (SHIB) price is struggling to close above its 21-day EMA. With SHIB changing hands at $0.000015, Shiba Inu price predictions that anticipated a bull run in the short term might have to make adjustments.

Shiba Inu is approaching its early February highs, but the dog-themed meme coin refuses to break through the $0.000018 resistance, leaving most onlookers with bearish Shiba Inu price predictions.

Shiba Inu price chart (SHIB/USD) on January 5, 2024

Source: Trading View

The price movements of Shiba Inu had formed a head-and-shoulders structure that saw traders anticipate a breakout as SHIB’s bid interest outweighed supply, leading to an uptick.

This anticipation was realized when Shiba broke out of the shoulder of the structure, confirming the potential for a short-term bull run. However, this breakout was met with strong resistance at the $0.000017 price point, leading to a stall in the uptrend.

Other contributing fundamental factors include Shiba Inu’s surging burn rate—a move that has seen most analysts set bullish Shiba Inu price predictions in the long term.

Shiba Inu’s exchange outflow has also increased over the recent past, and with a burn rate at 84% in 24 hours, it’s easy to see why the Shiba Inu price predictions would turn bullish.

However, there is hope for a bull run for SHIB yet.

Why it matters: A failure to defend the neckline of the forming structure, located at the $0.000014 level, could invalidate Shiba Inu’s bullish outlook, leaving room for the bears to take over.

This could see SHIB dip towards lower support zones, with the $0.000011 level acting as the next key support.

On the other hand, a successful breach of the $0.000018 resistance could open the door for further gains towards the $0.000020-$0.000021 resistance.

Shiba price predictions for 2024

Shiba Inu price predictions are turning mixed after SHIB’s breakdown from a breakout zone.

A successful breach of the $0.000018 resistance could pave the way for a rally towards the $0.000020-$0.000021 resistance, potentially leading to a 333% surge from the current price levels.

However, if sellers regain control and push SHIB below the $0.000015 support, it could set the stage for a decline towards the $0.000011 support.

A break below this level might have far-reaching consequences, potentially opening the door for a drop to the $0.000001 support, delivering a devastating 1,111% decrease from the recent highs.

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